Fifth Third Wealth Advisors LLC Takes Position in AppLovin Corporation $APP

Fifth Third Wealth Advisors LLC bought a new stake in AppLovin Corporation (NASDAQ:APP) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 594 shares of the company’s stock, valued at approximately $208,000.

A number of other institutional investors also recently modified their holdings of the company. Inspire Investing LLC raised its position in AppLovin by 74.6% in the 2nd quarter. Inspire Investing LLC now owns 13,965 shares of the company’s stock worth $4,889,000 after purchasing an additional 5,965 shares during the last quarter. Aberdeen Group plc raised its position in AppLovin by 6.5% in the 2nd quarter. Aberdeen Group plc now owns 114,180 shares of the company’s stock worth $39,972,000 after purchasing an additional 7,001 shares during the last quarter. Blue Trust Inc. raised its position in AppLovin by 29.4% in the 2nd quarter. Blue Trust Inc. now owns 5,132 shares of the company’s stock worth $1,797,000 after purchasing an additional 1,167 shares during the last quarter. Stonebridge Financial Group LLC bought a new position in AppLovin in the 2nd quarter worth approximately $242,000. Finally, IFP Advisors Inc raised its position in AppLovin by 76.6% in the 2nd quarter. IFP Advisors Inc now owns 3,253 shares of the company’s stock worth $1,148,000 after purchasing an additional 1,411 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling

In other news, Director Herald Y. Chen sold 200,000 shares of the business’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $432.49, for a total value of $86,498,000.00. Following the completion of the transaction, the director owned 181,929 shares of the company’s stock, valued at $78,682,473.21. The trade was a 52.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Vasily Shikin sold 30,000 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the transaction, the chief technology officer directly owned 3,360,104 shares of the company’s stock, valued at $1,470,280,707.28. This trade represents a 0.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,156,788 shares of company stock worth $514,863,333 over the last ninety days. Insiders own 13.66% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on APP. Royal Bank Of Canada began coverage on shares of AppLovin in a research report on Monday. They issued an “outperform” rating and a $700.00 price objective for the company. BTIG Research boosted their price objective on shares of AppLovin from $547.00 to $664.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. Phillip Securities upgraded shares of AppLovin to a “moderate buy” rating in a research report on Monday, September 29th. Weiss Ratings restated a “buy (b-)” rating on shares of AppLovin in a research report on Wednesday, October 8th. Finally, Oppenheimer set a $740.00 target price on shares of AppLovin in a report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $600.59.

AppLovin Trading Down 0.0%

NASDAQ APP opened at $590.03 on Wednesday. The stock has a 50-day simple moving average of $545.78 and a 200 day simple moving average of $405.56. The company has a market capitalization of $199.58 billion, a PE ratio of 83.81, a P/E/G ratio of 3.20 and a beta of 2.53. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 12 month low of $139.40 and a 12 month high of $745.61.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the previous year, the business earned $0.89 EPS. The firm’s revenue was up 77.1% on a year-over-year basis. Research analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

AppLovin Company Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.